The document discusses the Philippine Valuation Standards (PVS) 2018, which incorporates the International Valuation Standards 2017 and provides contextual guidance for the Philippine setting. Some key points:
- PVS 2018 aims to establish consistent and transparent valuation standards for use by the public and private sectors in the Philippines.
- It adopts the International Valuation Standards 2017 in full as Part I, and provides Philippine-specific context and annotations in Part II.
- Part III includes 8 Guidance Notes on issues frequently encountered in Philippine valuation practice.
- Previous editions of PVS in 2009 and 2017 aimed to harmonize Philippine standards with international standards and raise professionalism in the local property valuation industry.
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Assess, control or stop certain activities (such as land use and development) before they are carried out
Set policies and standards for how activities will be controlled and how environmental decisions and approvals will be made.
Enable members of the public to take part in environmental decision-making.
Create regulatory structures for environmental management, such as regulatory agencies (e.g. the Department of Lands, Planning and Environment)
Create specialist courts and tribunals (e.g. the Lands, Planning and Mining Tribunal
SNI 09-7118.2-2005 tentang Emisi Gas Buang - Sumber Bergerak - Bagian 2: Cara...Muhamad Imam Khairy
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Credits of the paper are to the Philippine Department of Environment and Natural Resources.
This paper was included in the event kit of Green Bloggers Forum, held 7 June 2016 at the Cocoon Boutique Hotel, QC, Philippines. The DENR authorized all bloggers and participants to promote the information and materials during the event.
Set offences and penalties for causing harm to the environment which is not authorised
Assess, control or stop certain activities (such as land use and development) before they are carried out
Set policies and standards for how activities will be controlled and how environmental decisions and approvals will be made.
Enable members of the public to take part in environmental decision-making.
Create regulatory structures for environmental management, such as regulatory agencies (e.g. the Department of Lands, Planning and Environment)
Create specialist courts and tribunals (e.g. the Lands, Planning and Mining Tribunal
SNI 09-7118.2-2005 tentang Emisi Gas Buang - Sumber Bergerak - Bagian 2: Cara...Muhamad Imam Khairy
SNI 09-7118.2-2005 tentang Emisi Gas Buang - Sumber Bergerak - Bagian 2: Cara Uji Kendaraan Bermotor Kategori M, N, dan O Berpenggerak Penyalaan Kompresi pada Kondisi Akselerasi Bebas
Credits of the paper are to the Philippine Department of Environment and Natural Resources.
This paper was included in the event kit of Green Bloggers Forum, held 7 June 2016 at the Cocoon Boutique Hotel, QC, Philippines. The DENR authorized all bloggers and participants to promote the information and materials during the event.
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Sound governance and effective institutions are essential to achieve shared prosperity and sustained reductions in poverty.
Public accountability and proper governance contribute to better delivery of public services, support competition and growth, including through cooperation with private sector.
Quality information helps the government properly analyze risks and play their essential roles in resolving the complex and interconnected challenges in variety of sectors, including in health, social protection and education.
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Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February 2015 briefing on MiFID II. For more information visit www.bovill.com.
Further information on the event is below:
With the ‘Level Two’ advice published just before Christmas, this is the first of our 2015 series of MiFID II briefings.
This session focuses on the investor protection elements of ESMA's advice including topics such as:
• product governance to product intervention
• client assets
• remuneration
• conflicts and inducements (dealing commission)
• best execution and client order handling
• information to clients.
The briefing gives more details of our MiFID II toolkit and how this could help your project.
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2. Introduction
The Long Term Commitment of the Philippine Government on
the Land Reform Program:
• Alleviate poverty;
• Sustain economic growth by improving the land tenure security;
• Foster efficient land markets.
3. Proposed Valuation and Taxation Reforms
REFORM ACTION
Implement a valuation system that will
assess property values at their true
market levels;
Establish an independent national
authority that will set and enforce
valuation standards;
The proposed Valuation Reform Act
(VRA) was watered down by expanding
the BLGF mandate on appraisal instead
of creating the National Valuation
Authority (NVA)
Develop valuation standards for use by
government and private sectors
Publication of the Philippine Valuation
Standards, 1st Edition 2009 – Adoption
of the IVSC Valuation Standards under
Philippine Setting
4. Proposed Valuation and Taxation Reforms
REFORM ACTION
Raise the level of and professionalize
the property valuation industry.
Enactment of the Real Estate Service
Act (RESA) in 2009 intended to
professionalize the real estate practice
by transferring the regulatory functions
of the Department of Trade and
Industry (DTI) to the Professional
Regulation Commission (PRC) through
the Professional Regulatory Board of
Real Estate Service (PRBRES)
5. Roadmap of the PVS
2001
• Land Administration and Management Project (LAMP) was established.
• Australian Government (technical assistance)
• World Bank (financial support)
2009
• The Philippine Valuation Standards (1st Edition) – Adoption of the IVSC
Valuation Standards under Philippine Setting was published as part of a
wider on-going program of land reform in the Philippines.
2017
• The update of the PVS is a component project of the Technical
Cooperation Project (TCP) entitled: Mainstreaming Voluntary Guidelines
on Governance of Tenure (VGGT), under Food and Agriculture
Organization of the United Nations (UN-FAO)
6. The objectives of PVS 2009 included the
following:
To raise the quality of public and private sector valuations and
reporting of valuations;
To provide consistency and understanding between providers
and users of valuations at national and international levels;
To promote transparency and reliability of valuations for
disposal of government assets, financial reporting, secured
lending, transfers of ownership and litigation and taxation;
To reduce financial risk for users of valuations.
7. Department of Finance (DOF) – implementing
agency on property valuation and taxation, through:
Bureau of Local Government
Finance (BLGF)
National Tax Research Center (NTRC)
8. PVS Copyright:
• Copyright 2009 by the IVSC; all rights reserved, subject to
permission having been granted to the DOF to reproduce the 8th
edition of the International Valuation Standards (2007)
• No responsibility is accepted by the IVSC for the accuracy of
information contained in the text as republished;
• The full text of the official version may be obtained from the IVSC
international Headquarters, 12 Great George Street, London SW1P
3 AD, UK; http://www.ivsc.org.
• Copyright 2017 by the IVSC
9. PVS 2009 CHANGES IN THE STANDARDS
Concepts Fundamental to Generally
Accepted. (GAVP)
The generic valuation principles have been carried
forward into the IVS Framework. Other Valuation
Principles material discussing market value and land
and property has been merged into Asset Standard
PVS 400 Real Property Interests.
Code of Conduct Removed as a section but discussed under PVS
Framework Section 30.1
Property Type Not directly replicated. Some elements included
in individual asset standards.
Introduction to IVS 1,2,3 Not directly replicated. Some elements included in
General Standards IVS 103 Reporting and 104 Bases
of Value
10. PVS 2009 CHANGES IN THE STANDARDS
IVS 1 Market Value and IVS 2 Other Bases
of Value
Discussed at length in General Standards
IVS 104 Bases of Value
IVS 3 Valuation Reporting Principles carried forward into General
Standards IVS 103 Reporting
IVA 1 Valuations for Financial Reporting Now included in Asset Standard IVS 210
Intangible Assets.
IVA 2 Valuations for Secured Lending Now included in Asset Standard IVS 400
Real Property Interests
IVA 3 Valuation of Public Sector Assets for
Financial Reporting
Not directly replicated
GN1 Real Property Valuation and GN2
Lease Interests
Now included in Asset Standard IVS 400
Real Property Interests
GN3 Valuation of Plant and Equipment Now included in Asset Standard IVS 300
Plant and Equipment
11. PVS 2009 CHANGES IN THE STANDARDS
GN4 Valuation of Intangible Assets Now included in Asset Standard IVS 210
Intangible Assets
GN5 Valuation of Personal Property No equivalent in new standards. The
definition of personal property in the
previous standards was very broad and
covered many asset classes that are now
the subject of more specific standards. The
previous GN was withdrawn by the IVSB in
February 2010
GN6 Business Valuation Updated standards for business valuation
are in Asset Standard IVS 200 Business and
Business Interests
GN7 Consideration of Hazardous and Toxic
Materials
Replicated as PVS GN 600 Consideration of
Hazardous and Toxic Substances in
Valuation
12. PVS 2009 CHANGES IN THE STANDARDS
GN8 Cost Approach and GN9 Discounted
Cash Flow
Now included in General Standards IVS
105 Valuation Approaches and Methods
GN10 Valuation of Agricultural Property
types.
Replicated as PVS GN 200 Valuation of
Agricultural Properties
GN11 Reviewing Valuations Not directly replicated. Made mention in
General Standards IVS 103 Reporting
GN12 Valuation of Trade Related Property Replicated as PVS GN 700 Valuation of
Trade Related Property
GN13 Mass Appraisal Replicated as PVS GN100 Mass Appraisal
for Property Taxation
GN14 Valuations of Properties in
Extractive Industries
Replicated as PVS GN 400 Valuation of
Properties in the Extractive Industries
13. IVS 2007 CHANGES IN THE STANDARDS
GN15 Valuation of Historic Property Replicated as PVS GN 500 Valuation of
Historic Property
GN17 Valuation of Investment Property
under Construction
Now included in Asset Standard IVS 410
Development Property
Addition of PVS GN 800 Valuation for
Compulsory Acquisition
14. CONTENTS - PVS 2018
• Part I IVS 2017 (En toto)
• Part II Philippine Context –
Annotations to IVS 2017
• Part III Guidance Notes
PVS Glossary
PVS 101 Scope of Work
PVS 102 Investigations and Compliance
PVS 103 Reporting
PVS 104 Bases of Value
PVS 105 Valuation Approaches and Methods
PVS 200 Business and Business Interests
PVS 210 Intangible Assets
PVS 300 Plant and Equipment
PVS 400 Real Property Interests
PVS 500 Financial Instruments
15. CONTENTS - PVS 2018
• Part I IVS 2017 (En toto)
• Part II Philippine Context –
Annotations to IVS 2017
• Part III Guidance Notes
PVS GN100 Mass Appraisal for Property Taxation
PVS GN 200 Valuation of Agricultural Properties
PVS GN 300 Reviewing Valuations
PVS GN 400 Valuation of Properties in the Extractive
Industries
PVS GN 500 Valuation of Historic Property
PVS GN 600 Consideration of Hazardous and Toxic
Substances in Valuation
PVS GN 700 Valuation of Trade Related Property
PVS GN 800 Valuation for Compulsory Acquisition
17. The contextualization to the Philippine setting was
interspersed with the IVS 2007 manuscript which became the
1st Edition of the Philippine Valuation Standards (PVS) 2009.
For PVS 2018, while IVS 2017 was adopted in toto in the first
part, Part II contains the Philippine Context – Annotations to
IVS 2017.
Part II follows the IVS 2018 outline with contextualization to
the Philippine Setting on both the General Standards and the
Asset Standards of valuation.
18. PVS 2018
Outline
Introduction
PVS Glossary
PVS Framework
General Standards
• PVS 101 Scope of Work
• PVS 102 Investigations and Compliance
• PVS 103 Reporting
• PVS 104 Bases of Value
• PVS 105 Valuation Approaches and Methods
Asset Standards
• PVS 200 Businesses and Business Interests
• PVS 210 Intangible Assets
• PVS 300 Plant and Equipment
• PVS 400 Real Property Interests
• PVS 410 Development Property
• PVS 500 Financial Instruments
20. International Valuation Standards (IVS) 2007, which was
adopted by the Philippine Valuation Standards (PVS) 2009
included guidance notes.
Guidance Notes are issues that relate to the application of
the Standards that frequently arise in valuation practice
and from those who use valuation services.
The Guidance Notes provide guidance on specific valuation
issues and how Standards are to be applied in more specific
business and service-providing situations. The Guidance Notes
complement and expand on the Standards and Applications,
with which they have equal importance.
21. IVS 2007/PVS 2009 included fifteen (15) guidance notes.
In the succeeding editions of IVS, the guidance notes were
removed for various reasons.
Either the elements were carried forward and merged with
other relevant topics/sections or the IVSC produced revised
Technical Information Papers (TIP) on the topics.
After the consultants deliberated on which portions of the PVS
2009 are still valid with regards to valuation practice in the
Philippines, eight (8) guidance notes were prepared and which
form part of the PVS 2018.